Naming a specific brand or product FIRST when asked without prompting

e.g. Name the second burger food chain that comes to mind. 

What is this an example of?

e.g. Have you ever heard of these restaurants?

a. Whataburger

b. Charlie J's

c. Wendy's 

Restrictions placed on possible solutions.

Time and Money

Probability 

Nonprobability

Using arbitrary judgements to select the sample. 

Its quicker and cheaper

The process of making use of data, combined with statistical assumptions to draw statistical conclusions. 

A group that has a need or desire for a product and has the 

ability

willingess &

authority

to purchase the product

1. defining the target market

2. creating and maintaining a marketing mix of the 4-P's (price, product, place, promotion)

Aggregating propective buyers into groups that 

1. have common needs and wants

2. will respond similarily to mktg actions. 

The relatively homogeneous groups of prospective buyers that result from the segmentation process. 

...can become a target market

Customers need to be 

Segments must be 

• segments need to be evaluated in terms of sales and profits
• The potential profit justifies a separate mktg mix.
• The segment must be reachable with a specific mktg mix. 

Segmentation Strategy

(single product to 2+ markets)

Segmentation Strategy

(Dodge- Neon, Minivan, Viper...)

Segmentation Strategy

(e.g. IPod)

Competing directly with competitors on similar product attributes in the same target market.

*most competitive*

seeking a less-competitive, smaller market niche in which to locate a brand. 

(e.g. McDonald's McLean burger)

1. Understanding what is important in the product class

2. knowing what consumers think of competitive products

3. knowing what the consumer would like in the "ideal" product. 

•  Judgement of Decision Maker
• Survey of Knowledgeable Groups
• Statisticals Methods

Group potential buyers into segments 

(Demographic, Geographic, psychographic, behavioral)

Group products to be sold into categories

Develop a Market-product grid and estimate size of markets. 

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Step 3 to identify market needs

4. Select Targets Markets

5. Take Marketing actions to reach target markets

a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money. 

-Tangible attributes

-Intangible attributes

Activies, benefits, or satisfactions offered for sale.

(health care, education...)

Product Mix

Width= # of product lines

Depth= # of product items in the product line

1. Convenience Goods (frequently puchased)
2. Shopping Goods(compared with alternatives by price, quality etc.)
3. Specialty Goods (e.g. Rolex watches)
4. Unsought Goods (unknown/unwanted products)

What types of goods are... 

-inexpensive

-low margin

-frequently bought

-a routinized decision

-easily substituted

-widely distributed

and

-have hight inventory turnover???

What type of goods are...

-infrequently purchased

-require extended problem solving

-are less distributed than convenience goods

-have slower inventory turnover

-higher margin

-purchased versus "set criteria"

and

-Low brand loyalty???

What types of goods are...

-unique products

-infrequently purchased 

-brand loyal

-have limited distribution

and

-have high margins with low turnover???

What types of goods are...

-situation caused

-unexpected "finds"

and

-unplanned purchases???

1. Support Goods- items used to assist in producing other goods and services (installations, accessory equipments, supplies and services)

2. Production Goods- Item used in the manufacturing process that become part of the final product (raw materials...grain, lumber etc)

1. Insignificant point of difference
2. Too little market attractiveness
3. Poor excecution of the 4-P's (product, prict, place, promotion)
4. Bad timing
5. Poor product quality
6. Misinterpreting the data

7-stage Process:

-New product strategy development

-Idea Generation

-Screening and Evaluation

-Business Analysis

-Development

-Market Testing

-Commercialization

Require no new learning by consumer.

Gain consumer awareness and wide distribution.

(e.g. New and improved Detergent)

Requires new learning and consumption patterns by consumers.

Educate consumers through product trial and personal selling. 

(e.g. VCR, DVR, electric car)

A statement that before product development begins, identifies

1) a well-defined target market

2) specific customers' needs, wants and preferences and

3) what the product will be and do.